Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Elon Musk sells £3.2 billion in Tesla shares after agreeing deal to buy Twitter

Elon Musk has sold 4.4 million shares of Tesla stock (Patrick Pleul/Pool Photo/AP)
Elon Musk has sold 4.4 million shares of Tesla stock (Patrick Pleul/Pool Photo/AP)

Elon Musk has sold 4.4 million shares of Tesla stock worth roughly 4 billion US dollars (£3.2 billion) – most likely to help fund his purchase of Twitter.

Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday.

The shares were sold over the past few days at prices ranging from 872.02 dollars (£695.85) to 999.13 dollars (£797.29).

The world’s richest man, the CEO of Tesla, said in a tweet he does not plan any further sales of the company’s shares.

Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge single-day drop.

Tesla investors fear Musk will be distracted by Twitter and less engaged in running the electric car company, analysts said.

Twitter agreed to be acquired by Musk on Monday for 44 billion dollars (£35.1 billion).

It appeared that Musk would borrow up to 25.5 billion dollars (£20.4 billion) from a slew of banks to pay for the takeover of Twitter, though the stock sale could fund some of that.

The deal to buy Twitter at 54.20 dollars (£43.25) per share was announced earlier this week and is expected to close sometime this year.

But before the deal is completed, shareholders will have to weigh in.

So will regulators in the US and in countries where Twitter does business.

So far, though, few hurdles are expected – despite objections from some of Twitter’s own employees and users who worry about Musk’s stance on free speech and what it might mean for harassment and hate speech on the platform.

Tesla shares closed on Thursday down slightly at 877.51 dollars (£700.24).

They are down 17% so far this year.